Transcription of Lesson 5 Customs Law - ICSI
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Lesson 5 Customs Law: Part I Introduction and Basic Concepts 6 Lesson 5 Customs Law Introduction and Basic Concepts, Valuation, Assessment of Imported and Export Goods and Procedural Aspects This Lesson is divided into the following parts: I Introduction and Basic Concepts of Customs Law II Valuation, Assessment of Imported and Export Goods and Procedural Aspects LEARNING OBJECTIVES The Custom duty derived its value from the word custom under which whenever a merchant entered a Kingdom with his merchandise, he had to give some gift to the king. Subsequently, this custom formalized into the levy of custom duty or tax on goods imported into and exported from the country was organized through various laws during the British period. After Independence the Sea Customs Act 1878, the Land Customs Act, 1924 and other allied enactments were repealed by a consolidating and amending legislation entitled the Customs Act, 1962.
Customs , Central Excise Duties and Service Tax Drawback Rules,1995 Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995 Customs Valuation (Determination of Price of Imported Goods) Rules, 2007 Customs Valuation (Determination of Value of Export Goods) Rules, 2007 Customs (Advance Rulings) Rules, 2002
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